"We're always concerned when the market loses any value, but we're also confident in the economy's fundamentals," an official told CNBC.

So far on Monday, the Dow Jones industrial average briefly dropped as much as 300 before rebounding off the lows and trading -200; the S&P 500 traded about 0.6% lower, extending last week's plunge.

As CNBC notes, President Trump has touted the strong stock market performance since his election win and has yet to deal with a significant market pullback. The Dow is up more than 30 percent since the election.

It is unclear if Trump will - and what S&P level - Trump instruct Jay Powell to start jawboning "QE4 or more".